News / Hapag-Lloyd first ocean carrier to ditch GRIs and go FAK in bid to stop falling box rates

Hapag-Lloyd is to abandon general rate increases (GRIs) and next month will set minimum FAK [freight all kinds] rates for containers on its vessels from Asia to North Europe and the Mediterranean.

However, a spokesman for the line said that the move was an internal decision to change the way that it quotes rates to customers, rather than an official reaction to an EC probe into the way carriers publically quote rate levels.

Hapag-Lloyd told customers that from 1 May its westbound FAK rates would be $925 per 20ft, $1,750 per 40ft and ...